Loan Comparison: 2.96% vs 6.5%
322 Maple, Eaton, CO 80615 · 3bd/3ba · $395,000
List Price
$395,000
Assumable Rate
2.96%
Remaining Balance
$341,795
Equity Gap
$65,678
Loan Type
FHAAdjust Your Scenario
$19,750
$19,750$65,678
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 3.62%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,372/moAssumable @ 2.96% + gap loan
$1,787/moAssumed loan: $1,434/mo
Gap financing: $353/mo
$585less per month with the assumable
Your Savings on This Property
322 Maple, Eaton · 2.96% FHA vs 6.5% conventional
$585
per month
$7,020
per year
$210,611
over 30 years
$223,084
interest saved
How gap financing works: The equity gap ($65,678) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($19,750, 5% of purchase price) and a second mortgage for the rest ($45,928 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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